The class size of the Plaintiffs in a Suntrust Bank Forced Placed Flood Insurance case can vary greatly. This article examines the class size, settlement, and Defendant’s response. The First Amended Complaint filed by Gooden expands the class to encompass Plaintiff Hall. However, there are a few issues that remain unresolved. If you or a loved one is insured, you should seek legal advice before filing a lawsuit.
Class action lawsuit
Plaintiffs in the class action lawsuit against Suntrust Bank for forcing the forced placement of flood insurance have been waiting for this day for nearly two years. The lawsuit is based on a wrongful policy created by the bank in 2006 and is being brought to the federal district court in Ohio. Sun Trust has not sought a writ of mandamus but is attempting to halt the litigation. The company is attempting to delay its bankruptcy.
In the force-placed insurance class action lawsuit, the lenders of mortgages are accused of forcing homeowners to pay higher premiums and accepting kickbacks from insurers. The settlement, however, does not require the company to admit any wrongdoing. In return, the lenders will pay 10.5% of the net premium amount to all class members. The money will be deposited into each plaintiff’s SunTrust account, either directly or as a credit.
The Court must determine whether a claimant is a member of the class, as well as the extent of each member’s damages and Defendant’s liability. This calculation is based on the replacement cost value of the home and the borrower’s last known voluntary coverage amount. The Plaintiffs’ plan relies on educated guesses of replacement costs, and the Court must decide whether the Defendant’s liability exceeds the average flood insurance premiums.
Plaintiff argues that the information produced during discovery changed her perspective of the litigation and provided a proper basis for expanding her suit. She was unaware of Defendant’s flood tracking methods when she filed her original complaint. She worried that if she expanded her suit to the nation, the class would be unmanageable. Thus, she filed her lawsuit based on flood zone information in California.